The reserves detailed below represent NuVista’s reserves as at December 31, 2010. Highlights of the reserve additions for 2010 include:
- Proved plus probable reserves increased 16% to 113.1 MMboe and total proved reserves increased 9% to 74.0 MMboe. Proved plus probable reserves per share increased by 15% to
- 21% growth in proved oil and natural gas liquids reserves and 4% growth in proved natural gas reserves.
The foregoing reserves information relates to “company interest” reserves. “Company interest” means NuVista’s working interest share of reserves (operating or non-operating) before deduction of royalties, plus NuVista’s royalty interests in production or reserves. Investors are cautioned that “company interest” reserves should not be construed as an alternative to “gross” or “net” reserves calculated in accordance with National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities (“NI 51-101”) and does not have a standardized meaning under NI 51-101.
The following table outlines NuVista’s finding, development and acquisition costs:
(1) The aggregate of the exploration and development costs incurred in the most recent financial year and the change during the year in estimated future development costs generally will not reflect total finding and development costs related to reserve additions for the year.
(2) Drilling credits of $17.6 million were recorded during 2010 and $10.7 million were recorded in 2009.